PAC PARTNER JULY23 REPORT, page-11

Now let’s compare two analysis from two different companies:

1. PAC is correct in saying on discovery on a 2.5tcf resource from this one well share price is risked 213 million dollars per 1 tcf. Meaning 550 million market cap or 1.2 billion market cap unrisked meaning $1.38 share price

2. Next investors below target and calling north of $1 on discovery coming up in next 2 months why? Because PAC does not take into account the additional 18tcf risked resource values at a 3 billion dollar market cap plus oil or helium. They are pricing in no additional discovery just the one well which we all know is not the case. PAC is valuing the one well not the de risked delayed discovery of the basin